After a White House announcement on data and payment security, the National Retail Federation released a statement from NRF President and CEO Matthew Shay supporting the initiatives outlined in the announcement.
“We applaud the administration for taking proactive and positive steps by adopting PIN and chip technology for government-issued debit and credit cards, among other things,” Shay said in his statement. “As the world’s largest retail trade association, NRF continues to work with our members and other stakeholders on practical and comprehensive solutions that are less about process and more about progress toward how we collaboratively prevent and combat this criminal activity.”
The NRF represents discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and Internet retailers from the United States and over 45 other countries.
“From insisting on PIN and chip cards to facilitating greater information sharing among retailers and other sectors, we are committed to finding the right answers with the latest technologies to stop these cyber thieves,” said Shay in his statement. “This is not an issue about large retail versus small, or global financial institutions versus community banks and credit unions, or the federal government versus municipalities. We all stand together in seeking solutions to prevent criminals from accessing personal financial data regarding our customers, investors and citizens through preventable data breaches.”
Retail is the United States’ largest private sector employer, with 42 million Americans in the industry. It is responsible for generating $2.6 trillion annually to the GDP and is used to measure the United States’ economy on a daily basis.
